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South Africa inflation slows to 7.4% y/y in November

A woman uses a trolley as she shops at a grocery store in East London, in the Eastern Cape province, South Africa, July 7, 2022. REUTERS/Siphiwe Sibeko

South Africa’s headline consumer inflation slowed to 7.4% year on year in November from 7.6% in October, data from Statistics South Africa showed on Wednesday.

On a month-on-month basis, consumer inflation was at 0.3% in November compared to 0.4% in the previous month.

The latest figures point to a gradual easing of price pressures in Africa’s most industrialised economy, after inflation struck a 13-year high of 7.8% year on year in July.

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The South African Reserve Bank has raised interest rates to fight inflation at the last seven monetary policy meetings since its latest tightening cycle began in November 2021.

The central bank targets inflation of between 3% and 6%.

Core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, was at 5.0% year on year in November, same as the previous month. On a month-on-month basis core inflation was at 0.1% in November, compared to 0.5% in the previous month.

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